Truist Financial Corp acquired a new position in Equitrans Midstream Co. (NYSE:ETRN – Get Rating) during the first quarter, Holdings Channel reports. The institutional investor acquired 13,103 shares of the company’s stock, valued at approximately $110,000.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Confluence Wealth Services Inc. acquired a new position in Equitrans Midstream during the fourth quarter valued at approximately $27,000. UMB Bank N A MO acquired a new position in Equitrans Midstream during the fourth quarter valued at approximately $37,000. CWM LLC acquired a new position in Equitrans Midstream during the fourth quarter valued at approximately $43,000. First Quadrant LLC CA acquired a new position in Equitrans Midstream during the first quarter valued at approximately $44,000. Finally, Chilton Capital Management LLC acquired a new position in Equitrans Midstream during the fourth quarter valued at approximately $58,000. Institutional investors and hedge funds own 87.74% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently weighed in on the company. Barclays reduced their price objective on Equitrans Midstream from $9.00 to $8.00 and set an “equal weight” rating for the company in a research report on Wednesday, July 20th. TheStreet raised Equitrans Midstream from a “d” rating to a “c-” rating in a research report on Tuesday, May 3rd. Morgan Stanley reduced their price objective on Equitrans Midstream from $8.00 to $7.00 and set an “underweight” rating for the company in a research report on Wednesday, July 20th. Finally, US Capital Advisors reissued a “hold” rating on shares of Equitrans Midstream in a research report on Wednesday, June 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $8.33.
Equitrans Midstream Stock Up 0.5 %
Equitrans Midstream (NYSE:ETRN – Get Rating) last issued its earnings results on Tuesday, May 3rd. The company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.15 by ($0.01). Equitrans Midstream had a positive return on equity of 6.52% and a negative net margin of 105.69%. The firm had revenue of $342.15 million during the quarter, compared to the consensus estimate of $380.59 million. During the same period last year, the business earned $0.19 earnings per share. The firm’s revenue for the quarter was down 10.0% compared to the same quarter last year. Analysts predict that Equitrans Midstream Co. will post 0.48 earnings per share for the current year.
Equitrans Midstream Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 12th. Shareholders of record on Wednesday, August 3rd will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Tuesday, August 2nd. This represents a $0.60 annualized dividend and a yield of 7.64%. Equitrans Midstream’s dividend payout ratio is currently -18.40%.
Equitrans Midstream Profile
Equitrans Midstream Corporation owns, operates, acquires, and develops natural gas gathering, transmission and storage, and water services assets in the Appalachian Basin. It operates through three segments: Gathering System, Transmission and Storage System, and Water Service System. The Gathering System segment include 1,130 miles of high-pressure gathering lines with compression of approximately 485,000 horsepower and multiple interconnect points; and approximately 910 miles of Federal Energy Regulatory Commission (FERC) low-pressure gathering lines.
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